Reference no: EM13726006

Establish Market Need Present Product Solution Acknowledge Competition and other Threats Identify Go-to-Market Strategy Segmentation, Target and Positioning Strategy Marketing Promotions Financials The Ask.

A: Describe the marketplace need that caused you to think this product or service idea would succeed.

• Remember, there are lots of alternatives available. You must create a compelling argument for customers to buy your product.

• If there are other alternatives, how will your product be different enough so customers ask for you by name.

B: Briefly describe the product solution.

• Link it to the market need that you described in the previous section.

• Consider ancillary products that will add revenue. For example, if this is a gadget that allows you to text "hands-free" consider an upgrade service that allows you to download up-to-the-minute stock quotes.

• Also mention the price-point for the core product and any upgrades.

C: Discuss the competitors and how you will survive.

• It's important that you identify who the competition is. Everybody has competition-even new products must battle the old way of doing things.

• You also must tell how you will out-perform the competition based on the differentiating factors in your product or service.

• Be sure to list all of them you can think of.

D: Discuss how you plan to go to market.

• Some entrepreneurs create product and see it through to maturity and pass it along to their children. Henry Ford did this.

• Others Create a product and then sell it to an existing company. From the beginning, they are thinking of the exit.

• You must decide what your plan is.

E: Describe what segmentation, targeting, and positioning strategy you plan to employ

• That is, is this a mass market or differentiated? Or is it a niche strategy?

• Don't be afraid to leave out an market that will not deliver for whatever reason. Nobody does well in being all things to all people.

• Remember the positioning of the product. It should tie directly to the market need in section 1 and the product description in section 2.

F: Describe the marketing promotions you will use and how you will use them.

• Start-ups can't afford to do lots of advertising (Usually). So what are other alternatives.

• Consider guerilla marketing tactics

• How can social media or viral marketing help you in business? Often, this is where your customers ‘stay' so you must have a presence here. Be clever!

• Entrepreneurs tell their story everywhere they go. You will sell sell sell!!!

G: Describe Your financials. A short description along with a projection statement will do it. Something like this

• Our business model is to use the investors' money for development of the product and marketing.